September 26, 2020

Pension spending grows 7% in March to 9,576.4 million, a new record | Economy

Pension spending grows 7% in March to 9,576.4 million, a new record | Economy

The Social Security allocated in the present month of March the record figure of 9,576.4 million euros to the payment of contributory pensions, 7% more than in the same month of 2018, according to data published on Tuesday by the Ministry of Labor, Migrations and Social Security.

The growth of spending in March stood at 5.1% in homogeneous terms, that is, taking into account the definitive revaluation of pensions in 2018 (approved in July and applied retroactively to January 1).

Most of the 9,576.4 million euros destined to pay the payroll of pensions in March went to retirement pensions, with 6,816.1 million euros (+ 7.1%), followed by pensions from widowhood, to which 1,672.4 million euros were dedicated (+ 8.6%).

To the payment of permanent disability pensions were allocated in March almost 927 million euros (+ 3.8%), orphanhood accounted for 136.7 million euros (+ 5.1%) and pensions in favor of family members totaled 24.2 million euros (+ 8.4%).

More than 9.7 million pensions

The number of pensions increased by 1.3% in March compared to the same month in 2018, to 9,705,436 pensions, below the 9,707,140 pensions paid in February.

Although the annual growth rate of the number of pensions is not among the highest in the historical series of the last decade, it has already accumulated 38 consecutive months of growth of more than 1%.

Of the total of pensions, more than half, 6,010,977, were retirement pensions, with a rebound of 1.9% compared to March 2018, while 2,358,581 were widow's pensions (+ 0.04%), 954,552 of permanent disability (+ 0.5%), 339,082 of orphanage (-0.09%), and 42,244 in favor of family members (+ 2.5%).

The average retirement pension increases by 5.1%

The rise in pensions for 2019 (+ 1.6% in general and 3% minimum) has also pushed up the average amount of benefits.

Thus, the average retirement pension was at the beginning of this month at 1,133.9 euros per month, almost 5.1% more than in the same month of 2018. Regarding the new discharges, the average retirement pension (February) it is 1,461.9 euros in the whole system.

On the other hand, the average pension of the system, which includes the different types of pension (retirement, permanent disability, widowhood, orphans and in favor of family members) stood at 986.71 euros per month in March, which represents an interannual increase of 5%. , 7%.

The average widow's pension, on the other hand, registered the highest year-on-year advance in relative values, by 8.6%, to 709.1 euros per month, following the rise in the regulatory base from 56% to 60%. The one of permanent incapacity reached in March an average amount of 971.11 monthly euros, with an interannual increase of 3.2%.

Also, the average orphanage pension amounted to 403.1 euros per month, 5.2% more than in March 2018, while that of family members stood at 573.5 euros per month, with a rise of 5 , 7%.


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